Credit Suisse closes tax settlement deal with Italy

An Italian judge approved on Wednesday a settlement agreement between Credit Suisse AG and the country's authorities under which the Swiss bank will pay 109.5 million euros to end a tax probe, Reuters reported.

Milan prosecutors have been investigating since 2014 an alleged fraudulent system used by the bank to transfer up to 14 billion euros to offshore accounts, mainly through the use of insurance policies. Some 13,000 clients are allegedly involved and remain under investigation.

Both Credit Suisse and judicial sources confirmed the settlement. "This marks the end of the investigation by Italian authorities into Credit Suisse AG's Italian cross-border business for the period from 2008 to 2015," the swiss bank said in a statement.

In October, Credit Suisse said it had agreed to pay Italian authorities 101 million euros in taxes, late payment interest and penalties to settle its tax position. The bank also agreed to pay 8.5 million euros for "administrative infringements in its previous cross-border business".